Why Should I Update My Will?
Your will reflects the time when it was created. Many people plan to update their wills but often fail to do so. You can always change your will by adding a codicil (an amendment), but how do you know when to change it? Here are some circumstances that make it vital to update your will:
- You want to name a different personal representative, trustee or guardian.
- You’ve moved to another state.
- Your situation or a beneficiary’s situation has changed. Families change because of marriage, divorce, birth, adoption and death.
- The estate tax laws change. The estate tax exemption changes every year based on inflation.
- You want to include a charitable bequest in your will. If you wish to remember the organizations closest to your heart, such as The Friends of Northbridge Elders, Inc., consider bequeathing a gift of cash, real estate or other property.
If you have additional questions on updating your will or are considering adding a charitable bequest, you can give the suggested bequest language below to your estate planning attorney when creating or updating your will or trust. If you do not have an estate planning attorney, FINE can recommend one.
Sample Bequest Language
“I, _______________________________, of _____________________________________________
bequeath to The Friends of Northbridge Elders, Inc., a tax-exempt non-profit organization, located in Whitinsville, MA, the sum of
$__________________________ (or percentage _______ % of my total
estate, or property described herein). This Fund is to be used by said organization as it deems advisable.”
Federal Tax ID: 04-2657980